Slide 1: Earnings Call Full Year Results 2024
ZEAL EARNINGS CALL FULL YEAR RESULTS 2024 26.3.2025
Slide 2: Content
CONTENT CONTENT — Business Update CONTENT — Strategic Progress — Business Outlook & CONTENT Guidance 2025 — Dividend Proposal — Key Take Aways
Slide 3: Summary
ZEAL SUMMARY ZEAL ZEAL gqygaxes €) Tipp24 freineit* @ Tums 4 Dreamigy
Slide 4: Summary FY 2024
SUMMARY FY 2024 * Record number of new customers, billings, revenue and EBITDA J * More than a billion euros in lottery billings a ¢ Strong increase in gross margin and revenue ¢ EBITDA almost doubled * Squeeze-out at LOTTO24 successfully completed * Dream house raffle successfully launched ZEAL VEN
Slide 5: We successfully achieved our strategic goals for 2024
WE SUCCESSFULLY ACHIEVED OUR STRATEGIC GOALS FOR 2024 Our Strategic Goals for 2024 Improve billings margin in lottery brokerage business Increase brand awareness, marketing efficiency, customer retention Grow Games business Launch new charity lottery ZEA Optimization of billings margin by increased
Slide 6: Guidance 2024: original guidance significantly exceeded
GUIDANCE 2024: ORIGINAL GUIDANCE SIGNIFICANTLY EXCEEDED 2024 2024 2024 2024 ° Revenue and EBITDA significantly above In€m ACTUAL | GUIDANCE II GUIDANCEII GUIDANCE! original guidance due to increased gross (31.12.24) (December) (October) (March) . . . margin and exceptional jackpot development —> Rev
Slide 7: Business Update
ZEAL BUSINESS UPDATE
Slide 8: Exceptional jackpot environment - peaks in FY 2024
EXCEPTIONAL JACKPOT ENVIRONMENT - 13 PEAKS IN FY 2024 VS. 5 PEAKS IN FY 2023 In€m LOTTO 6aus49 énew) in€m Average Peak max. (new: 50 en the (old) 4 40 i 20 - 10 FY ‘23 1b a 1 6 nN % 21 26 31 36 41 46 51 56 61 66 71 7 81 8 MN 9% 101 Draw Eurojackpot Ratstafe In€i in€m Average Peak 20 * 7 - max. oe 1/
Slide 9: ZEAL Income Statement FY '24 - Condensed
ZEAL INCOME STATEMENT FY ‘24 - CONDENSED ® REVENUE Revenue increased by 62% driven by billings growth of 28% and an increased billings margin FY ‘24 FY ‘23 CHANGE INCOME STATEMENT (in€k) (in€k) (in %) XQ COST OF OPERATIONS Personnel expenses: _ REVENUE 188,198 116,050 +62.2 Personnel expenses increa
Slide 10: Growth of lottery billings driven by user base and higher billings per user
GROWTH OF LOTTERY BILLINGS DRIVEN BY GROWTH IN USER BASE AND HIGHER BILLINGS PER USER MONTHLY ACTIVE AVERAGE BILLINGS PER BILLINGS USERS (MAU) USER, ABPU (Lotteries) (Lotteries) (Lotteries) in € millions in en Ca, in€ “(Cas 1.436 a CD soon, 1 > 61,34 62,68 "tT : iy t FY '23 FY '24 FY '23 FY '24 ; st
Slide 11: Gross margin increased substantially
GROSS MARGIN INCREASED SUBSTANTIALLY GROSS MARGIN NEW REGISTERED COST PER LEAD, CPL (Lotteries) CUSTOMERS (Lotteries) in % (Lotteries) in€ in thousands 111% +3.1 pp. 15,6 * 1.259 -23% 45,52 12,5 — Ns sas y 597 FY '23 FY '24 FY '23 FY '24 FY '23 FY '24 optimisation measures and’ a cha efficient marke
Slide 12: 600.000 • 500.000 • 400.000 • 300.000 Q2 ‘24 Q3 ‘24 Q3 ‘20 Q4
600.000 • 500.000 • 400.000 • 300.000 Q2 ‘24 Q3 ‘24 Q3 ‘20 Q4 ‘22 • 200.000 Q1 ‘21 Q1 ‘22 Q2 ‘21 100.000 Q1 ‘23 Q2 ‘22 • Q4 ‘23 Q4 ‘21 0 0 10 20 30 40 50 60
Slide 13: Higher lottery billings margin driven by improved product mix and price optimisation
HIGHER LOTTERY BILLINGS MARGIN DRIVEN BY IMPROVED PRODUCT MIX AND ROLL-OUT OF PRICE OPTIMISATION BILLINGS MARGIN: FY ’23 VS. FY ‘24 (Lotteries) m 26% ee ————— 15,6% i Price 240 Big Win in . FY ‘23 Product Mix Optimization FY ‘24 “Traumbauslotteriet EY 24 Excluding effects from big win at “Die Deutsc
Slide 14: Games business making positive progress
GAMES BUSINESS MAKEING POSITIVE PROGRESS BILLINGS in € millions 40,2 Q2'23 Q3'23 Q4 '23 Q1'24 Q2'24 Q3'24 Q4'24 REVENUE in € millions Q2'23 Q3'23 Q4 '23 Q1'24 Q2'24 Q3'24 Q4'24 ZEAL VENTURES ZEAI TBERIL ABPU in€ 5355 5252 5199 449,1 4810 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 ARPU in€ 410 388 391
Slide 15: Traumhausverlosung - 2nd raffle done
TRAUMHAUSVERLOSUNG - 2ND RAFFLE DONE Product concept * Just like a tombola, we raffle a real dreamhouse * Guaranteed winner for each draw * Every entry supports a charity project * Houses are staged by Schéner Wohnen Kollektion Second house draw * Started 1 Nov. and finished on 28-Feb-2025 * All KPl
Slide 16: ZEAL continues to increase its market share in the growing German online lotteries market
ZEAL CONTINUES TO INCREASE ITS MARKET SHARE IN THE GROWING GERMAN ONLINE LOTTERIES MARKET 2013 2023 2024 @ 16 federal 12% 16 federal state lotteries AI state lotteries eon 20 billion? = €25 billion? = 4% online penetration 24% online penetration 29% online penetration ? Our own estimate, based on th
Slide 17: Business Outlook & Guidance 2025
ZEAL BUSINESS OUTLOOK & GUIDANCE 2025
Slide 18: Overview of strategic focus areas for 2025
OVERVIEW OF STRATEGIC FOCUS AREAS FOR 2025 Continue to improve acquisition * Operational margin > 16% with potential upside in high jackpot phases performance & profitability of Lotto24 * Beat historic acquisition performance relative to jackpot situation business * Further improvement of customer a
Slide 19: Guidance 2025
GUIDANCE 2025 Full Year 2025: ° New guidance for FY 2025 based on an average jackpot environment ° ZEAL will expand its marketing in FY 2025 (c. €60-70m) in Germany 2025 GUIDANCE 2024 Actuals Revenue 195-205 ° ZEAL will continue to invest into charity lotteries and games EBITDA”) 619 Mid-Term 2026 —
Slide 20: Dividend Proposal
ZEAL DIVIDEND PROPOSAL
Slide 21: Dividend proposal 2025 and dividend policy
DIVIDEND PROPOSAL 2025 AND DIVIDEND POLICY Due to the positive result in 2024, the Management Board and Supervisory Board will propose to the Annual General Meeting on 21 May 2025 the payment of a dividend of € 240 per share. Representing a total Base Dividend m Special Dividend payout to shareholde
Slide 22: Key Take Aways
ZEAL KEY TAKE AWAYS
Slide 23: Strong revenue growth of 62% yoy; successful launch of new charity lottery
Strong revenue growth of 62% yoy Successful launch of the new charity lottery
Slide 24: Question / Answer
Question Answer
Slide 25: Disclaimer
DISCLAIMER The information contained herein must not be relied upon for any purpose and may not be redistributed, reproduced, published, or passed on to any other person or used in whole or in part for any other purpose. This document contains certain forward-looking statements relating to the busin
Slide 26: Consolidated income statement and balance sheet in €k
CONSOLIDATED INCOME STATEMENT AND BALANCE SHEET IN €K FY 2024 FY 2023 CHANGE 31/12/24 31/12/23 CHANGE BALANCE SHEET . " i" INCOMESTATEMENT | (in €) (in€ Cin %) Gn© Cin) Gin %) Revenue 188198 16,050 +622 Current assets 164,833 92,637 4779 Total costs of “129,437 84,419 4533 operations Non-current ass
Slide 27: Business unit segment reporting as of 31/12/24
BUSINESS UNIT SEGMENT REPORTING AS OF 31/12/24 IN €K GERMANY OTHER TOTAL Revenue 182,284 5,914 188,198 Other operating income 3,097 1 3,097 —— > EBITDA 59,868 1,990 61,858 Depreciation/amortisation - - -8,194 —> EBIT - - 53,664 Financial result - - -3,185 Share of loss from associates -192 — > ~EBT
Slide 28: Quarterly KPIs: billings, ABPU, ARPU, MAU, CPL
Q4'22, Q1°23) Q2'23) Q3‘23. Q423) 124 «22h «0324 «Oh 2h aad 101 138.0 120.6 140.8 121.4 128.4 125.9 128.0 1425 = 140.2 147.7 13 158.8 167.3, 177.0 168.7 196.7 24 191.4 2773 ea 140.0 44 157.3, 181.0 163.3, 169.5 1603 163.4 181.2 7.1 186.1 2141 2012 209.9 2221 2101 2463 260.8 236.0 3373 ABPUCin€) 4946
Slide 29: Games business KPIs
Q3 ‘24 Q4'24 Pay-in (in €m) 01 35 51 63 63 7 89 BILLINGS (in €m) 0.6 16.2 249 w3 299 316 40.2 ABPU (in €) 58.74, 30614 4491 480.98 535.52 525.2 519.94 ARPU (in €) 5.49 22.02 32.89 33.57 A104 38.84 39.12 MAU (in k) 9 18 18 22 19 20 26 * Games business started in June 2023. + @ Toumhaus ito VERLOSUNG
Slide 30: Financial calendar 2025
FINANCIAL CALENDAR 2025 2025 2026 Jan. Feb. Mar. Apr. May Jun. Jul. Aug. Sep. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May Jun. 26 March 025) > Publication of Annual Report 2024 —————— Publication of Q1 Quarterly Statement ad 7 Sieh) -i0Pls Annual General Meeting r 21 May 2025 Publication of Half-Year : |
Slide 31: Contact
Contact Frank Hoffmann, CEFA ZEAL Senior Investor Relations Manager Strafenbahnring 11 20251 Hamburg T +49 (0)40 809 036 - 042 M +49 (0)175 267 3420 frank.hoffmann@zealnetwork.de www.zealnetwork.de ZEAL ZEAL @yRauz €2) Tipp24 freineit* | Tumbas 4+ Dreamity VENTURES IBERIA ZEA